The change in total revenue that results from employing an additional worker.

B.&nbsp

The market wage rate.

C.&nbsp

Its marginal revenue product curve.

D.&nbsp

The demand curve for labor.

E.&nbsp

The marginal product of labor.

87.

Which of the following is the best example of an investment in human capital?

A.&nbsp

On-the-job training received by an apprentice electrician.

B.&nbsp

An increase in the number of hours worked per week by a worker in a unskilled laboring job.

C.&nbsp

The purchase of company stock by a worker.

D.&nbsp

Payments into a retirement pension plan by a skilled laborer.

88.

One reason the supply of carpenters is geater than the supply of physicians is because:

A.&nbsp

Carpenter demand less income.

B.&nbsp

Physicaians do not belong to a union.

C.&nbsp

Of differnces in human capital.

D.&nbsp

Carpenters belong to unions.

89.

Which of the following would be a human captial investment?

A.&nbsp

On-the-job training programs.

B.&nbsp

Health care programs.

C.&nbsp

Formal education.

D.&nbsp

All of these.

90.

A worker's accumulated investment in education, training, experience, and health is called:

A.&nbsp

Derived labor demand.

B.&nbsp

Collective entrepreneurship.

C.&nbsp

Seniority.

D.&nbsp

Human capital.

91.

In Exhibit 11-4, assume that both input and output markets are perfectly competitive. If one additional server increased the number of meals sold by four per day and each meal sells for $10, each additional food server will be paid:

A.&nbsp

$16 per day.

B.&nbsp

$32 per day.

C.&nbsp

$36 per day.

D.&nbsp

$40 per day.

E.&nbsp

None of these.

92.

In Exhibit 11-4, the equilibrium wage and the number of food servers employed per day, respectively, are:

A.&nbsp

$2.00 and 5,000

B.&nbsp

$4.00 and 10,000

C.&nbsp

$6.00 and 15,000

D.&nbsp

$8.00 and 20,000

93.

In Exhibit 11-4, suppose that in the interest of boosting incomes of the working poor, Congress imposes a minimum wage of $6.00 per hour. The minimum wage rate creates a(n):

A.&nbsp

New labor market equilibrium.

B.&nbsp

Excess demand for labor of 10 thousand food servers.

C.&nbsp

Excess supply of labor of food servers.

D.&nbsp

Situation of full employment for food servers.

94.

If the equilibrium wage rate in Exhibit 11-4 increased, the cause could be that:

A.&nbsp

The supply of labor increased.

B.&nbsp

The demand for labor decreased.

C.&nbsp

Either the demand for labor increased or the supply of labor decreased.

D.&nbsp

None of these.

95.

A technological advance that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?

A.&nbsp

Wages will rise, and quanitity of labor will fall.

B.&nbsp

Wages will rise, and quanitity of labor will rise.

C.&nbsp

Wages will fall, and quanitity of labor will fall.

D.&nbsp

Wages will fall, and quanitity of labor will rise.

E.&nbsp

Wages and quantity of labor will remain the same.

96.

The optimal hiring rule is to employ labor up to the point where:

A.&nbsp

Wage = MFC

B.&nbsp

Wage = MP

C.&nbsp

Wage = MR

D.&nbsp

Wage = MRP

E.&nbsp

Wage = TWC

97.

An increase in demand for French fries will cause equilibrium wage rates: